HAVARO: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HAVARO
Largest movements
- Cash -€6,543
down €6,543 (-11.7%), from €55,878 to €49,334
mainly Trade debts (-€8,262) and Other debts (-€7,500)
- Tangible fixed assets -€3,418
down €3,418 (-30.0%), from €11,385 to €7,967
of which Furniture and vehicles: -€2,166
- Receivables within one year -€1,956
down €1,956 (-8.0%), from €24,415 to €22,458
of which Trade receivables: -€5,167
- Trade debts -€8,262
down €8,262 (-51.9%), from €15,934 to €7,672
- Other debts -€7,500
no longer reported in 2025 (was €7,500)
- Tax, wage and social debts +€3,653
up €3,653 (+36.4%), from €10,033 to €13,686
- Reserves +€3,056
up €3,056 (+8.6%), from €35,716 to €38,772
- Accrued charges and deferred income -€2,719
down €2,719 (-53.1%), from €5,119 to €2,400
- Gross operating margin -€40,432
down €40,432 (-77.1%), from €52,434 to €12,003
- Taxes -€9,713
down €9,713 (-81.0%), from €11,993 to €2,280
- Depreciation +€1,417
up €1,417 (+122%), from €1,158 to €2,575
- Financial income +€781
new in 2025: €781
- Other operating charges -€770
down €770 (-24.9%), from €3,095 to €2,324
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €92,902 | €81,130 | -€11,773 | -12.7% |
| Fixed assets | 21/28 | €11,385 | €8,467 | -€2,918 | -25.6% |
| Tangible fixed assets | 22/27 | €11,385 | €7,967 | -€3,418 | -30.0% |
| Plant, machinery and equipment | 23 | €795 | €386 | -€409 | -51.5% |
| Furniture and vehicles | 24 | €9,748 | €7,582 | -€2,166 | -22.2% |
| Other tangible fixed assets | 26 | €843 | - | -€843 | |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €81,517 | €72,662 | -€8,855 | -10.9% |
| Amounts receivable within one year | 40/41 | €24,415 | €22,458 | -€1,956 | -8.0% |
| Trade receivables | 40 | €5,785 | €618 | -€5,167 | -89.3% |
| Other amounts receivable | 41 | €18,630 | €21,840 | +€3,210 | +17.2% |
| Cash at bank and in hand | 54/58 | €55,878 | €49,334 | -€6,543 | -11.7% |
| Deferred charges and accrued income | 490/1 | €1,225 | €870 | -€355 | -29.0% |
| Total equity and liabilities | 10/49 | €92,902 | €81,130 | -€11,773 | -12.7% |
| Equity | 10/15 | €54,316 | €57,372 | +€3,056 | +5.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €35,716 | €38,772 | +€3,056 | +8.6% |
| Distributable reserves | 133 | €35,716 | €38,772 | +€3,056 | +8.6% |
| Amounts payable | 17/49 | €38,586 | €23,758 | -€14,828 | -38.4% |
| Amounts payable within one year | 42/48 | €33,467 | €21,358 | -€12,109 | -36.2% |
| Trade debts | 44 | €15,934 | €7,672 | -€8,262 | -51.9% |
| Suppliers | 440/4 | €15,934 | €7,672 | -€8,262 | -51.9% |
| Taxes, remuneration and social security | 45 | €10,033 | €13,686 | +€3,653 | +36.4% |
| Taxes | 450/3 | €10,033 | €13,686 | +€3,653 | +36.4% |
| Other amounts payable | 47/48 | €7,500 | - | -€7,500 | |
| Accrued charges and deferred income | 492/3 | €5,119 | €2,400 | -€2,719 | -53.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,158 | €2,575 | +€1,417 | +122% |
| Other operating charges | 640/8 | €3,095 | €2,324 | -€770 | -24.9% |
| Gross operating margin | 9900 | €52,434 | €12,003 | -€40,432 | -77.1% |
| Operating profit (loss) | 9901 | €48,181 | €7,103 | -€41,078 | -85.3% |
| Financial income | 75/76B | - | €781 | +€781 | |
| Recurring financial income | 75 | - | €781 | +€781 | |
| Financial charges | 65/66B | €2,827 | €2,548 | -€279 | -9.9% |
| Recurring financial charges | 65 | €2,827 | €2,548 | -€279 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €45,354 | €5,336 | -€40,019 | -88.2% |
| Income taxes | 67/77 | €11,993 | €2,280 | -€9,713 | -81.0% |
| Profit (loss) for the period | 9904 | €33,361 | €3,056 | -€30,306 | -90.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,361 | €3,056 | -€30,306 | -90.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.